Farmers & Merchants Bancshares Q2 net income falls 19% YoY to $1.67M; EPS $0.54

Farmers & Merchants Bancshares, Inc.

2024-Q2 EPS reported $1.16

Six-month net income $3.57M ($1.16 EPS) vs $4.10M ($1.35 EPS) YoY, down 13%.
Q2 net interest margin compressed due to 90bps increase in deposit/borrowing costs to 1.29%.
Loans grew to $531M from $517M at Dec 2022; deposits increased to $632M.
Recorded a $495,000 recovery of credit losses under CECL; no credit deterioration in AFS portfolio.
Utilized $10M from FRB BTFP; total liquidity access ~$328M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Farmers & Merchants Bancshares, Inc. reported the three months ended June 30, 2023 results: net income $1,670,117, EPS $0.54 per common share (basic and diluted).

Period: the three months ended June 30, 2023
Net income: $1,670,117
EPS: $0.54 per common share (basic and diluted)
Result: reported results

Exact text from the filing

Net income for the three months ended June 30, 2023 was $1,670,117, or $0.54 per common share (basic and diluted)

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Farmers & Merchants Bancshares, Inc. reported the six months ended June 30, 2023 results: net income $3,570,968, EPS $1.16 per common share (basic and diluted).

Period: the six months ended June 30, 2023
Net income: $3,570,968
EPS: $1.16 per common share (basic and diluted)
Result: reported results

Exact text from the filing

net income for the six months ended June 30, 2023 was $3,570,968, or $1.16 per common share (basic and diluted)

View on SEC.gov

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Farmers & Merchants Bancshares, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-021168

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